The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) included amendments to Title XI and expanded the ASC’s authority to include rulemaking authority. The ASC established the Appraisal Subcommittee Advisory Committee for Development of Regulations (ASCAC) on February 18, 2014, pursuant to Section 1106 of Title XI as amended by the Dodd-Frank Act, the Federal Advisory Committee Act (FACA) of 1972 (5 U.S.C., Appendix, as amended), and 41 C.F.R. § 102-3.50(a) (required by statute). ASCAC shall provide independent advice and recommendations to the ASC from the points of view of industry participants, including appraisers, lenders, consumer advocates, real estate agents, and government agencies, regarding the development of regulations which may be prescribed by the ASC concerning: (1) temporary practice; (2) national registries; (3) information sharing; and (4) enforcement. The ASC is primarily seeking independent advice from ASCAC concerning sanctions ASCAC deems advisable for purposes of enforcement of regulations promulgated by the ASC to State appraiser regulatory programs.
The Final Recommendations Report from the ASC's Advisory Committee for Development of Regulations can be found here.
ASC staff comments on the ASCAC Recommendations can be found here.